Connect with us

Business

Lagos-Ibadan Road’ll be Completed in 2021 – Julius Berger

Published

on

lekki
  • Lagos-Ibadan Road’ll be Completed in 2021 – Julius Berger

The Sagamu-Lagos end of the Lagos-Ibadan Expressway project will be completed by 2021, the contractor, Julius Berger, has said.

The Operations Manager, Julius Berger, Thamm Olaf, told the Senate Committee on Works, led by its Chairman, Kabiru Gaya, on Sunday, that the project, which was to be completed in 2017, was stalled due to paucity of funds and the recent expansion.

Gaya and other members of the committee, who were on an oversight visit to road projects in Lagos, however, stated that they were not happy about the slow pace of the work, despite the efforts and funds that had been put into it.

He said the Federal Government had spent a lot of money on the road and others across the country and had moved cost of road infrastructure from N500bn to 600bn in the 2019 budget to accommodate more road construction.

“The project is good as it will take care of traffic but we are not happy with the speed and so we expect the contractor to increase the pace of work, even though there were amendments on the road,” he said.

Gaya also told journalists that the contractor of the Tin Can Island Truck Park, Borini Prono, had said that the project, expected to ease traffic congestion around Apapa Wharf, would be completed in December.

He said the project had reached 97 per cent completion while construction of the shoreline, recently added to protect the park, had commenced.

He said, “When we visited this site in 2015, the construction was less than 70 per cent; now it is 97 per cent because money has been paid and we insist that it must be finished by December.

“We have also said that the facilities are not good enough for a trailer park; there should be more toilets, restaurant and even a small clinic.”

The committee also inspected the Apapa Wharf Road, a two-kilometre concrete road being constructed by AG Dangote and expected to be completed before the end of the year; the Leventis Bridge, which is expected to be completed by Julius Berger by the first quarter of 2019; and the Third Mainland Bridge, which would be partially closed in 2019 for rehabilitation.

Other roads inspected during the tour were the Ikorodu-Sagamu Road being handled by Arab Contractors with a completion date of 2021, and the 1.5km NNPC Mosimi Access Road, which had been stalled by a debt of N1bn.

Although the Lagos-Badagry Road project was not inspected, the Federal Controller of Works, Adedamola Kuti, however, stated that the Federal Executive Council had re-awarded the contract and work would commence soon.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial market.

Continue Reading
Comments

Business

High Pesticide is Reason Nigerian Beans Not Acceptable in Most Countries

Published

on

brownbeans

High Pesticide is the Reason Nigerian Beans Not Acceptable in Most Countries

High pesticide residue is the reason exporters of Nigerian cowpea (beans) can no longer access certain foreign markets, according to the Nigeria Agricultural Quarantine Service (NAQS).

Vincent Isegbe, the Director-General, NAQS, disclosed this on Monday in Abuja during a strategic engagement with the President of Cowpea Association of Nigeria, Shittu Mohammed.

Isegbe advised stakeholders to work together to address the weak cowpea value chain in order to establish a continuous market for Nigerian beans.

In a statement issued by Gozie Nwodo, the Head, Media, Communications and Strategies, NAQS, Isegbe said “The pattern of boom and bust in cowpea export owes to the ingrained issue of high pesticide residue.

“The pesticides are largely introduced during the storage phase. The residue levels in the cowpea tend to rise above the maximum threshold set by certain Customs union and this makes the product unacceptable in crucial destinations.

Isegbe added, “We need to make a clean break from imprudent application of storage pesticides and consolidate a reputation for producing and delivering cowpea that satisfy relevant quality criteria.”

He said Nigeria is losing thousands of jobs and foreign exchange due to the suspension of cowpea or other agricultural commodities on account of intolerable quality defects.

Continue Reading

Business

Wema Bank Announces Collateral Free Loans for SMEs

Published

on

Wema Bank Logo

Wema Bank to Provide Collateral Free Loans for Small Businesses

In a bid to ease COVID-19 burden on Small and Medium Enterprises (SMEs), Wema Bank has launched collateral-free loans for all qualified SMEs.

In a statement published by the bank last week, the lender said the loans will go a long way in assisting businesses impacted by the COVID-19 pandemic. It explained that the move is in line with the bank’s mission to support the fight against ravaging COVID-19.

Further break down of the bank’s statement revealed that the SMEs loan products will provide N10 million to businesses in need of working capital without collateral or security for such financial support.

The credit facility, according to the bank, is available to business owners who have an establishment in trade/general commerce, Schools, Pharmacies, hospitals, clinics and diagnostic centres.

Wema Bank added that in order to make the loan more accessible to businesses outside its customers, both new and existing customers can access the facility without previous banking history with Wema Bank. This, it said includes those doing business in their personal names.

The bank is also offering up to N5 million without collateral and up to 12 months repayment period to businesses that are doing trading or general commerce while school owners can get up to N10 million without collateral with also 12 months repayment period.

“Health sector businesses like pharmacies, hospitals, clinics and diagnostic centres can also get up to N5million without collateral with up to 12 months repayment period to meet working capital needs. In an earlier communication, the bank had stressed how critical it is to support players in the health sector, especially with the realities of the time.

“For us, we will continue to put the health of Nigerians and the safety of our communities first,” said the Managing Director/CEO Wema Bank, Ademola Adebise.

It is our joy to see players in the health sector grow during this difficult time and we encourage them to take advantage of all our support programmes to keep their businesses afloat.”

Continue Reading

Business

AXA Mansard Sells Entire Stake in AXA Mansard Pensions

Published

on

axa-mansard-insurance

AXA Mansard Divests Interest From AXA Mansard Pensions

AXA Mansard Insurance on Friday announced it has divested from its subsidiary, AXA Mansard Pensions, after receiving Shareholder’s approval at the Company’s Extra Ordinary General Meeting on February 13th 2020.

In the statement signed by Mrs. Omowunmi Mabel Adewusi, the Company Secretary, AXA Mansard Insurance Plc and released through the Nigerian Stock Exchange, the Company said it commenced the divestment process by appointing Messer Rand Merchant Bank as the Financial Advisers while Aluko & Oyebode acted as the Legal Adivsers on the deal.

The company entered into a sale and purchase agreement with Eustacia Limited to sell its entire 2,067,672,000 shares or 60 percent shareholding held by AXA Mansard Insurance Plc and another 1,378,448,000 shares or 40 percent shareholding held by minority Shareholder.

Speaking on the divestment, Mr. Kunle Ahmed, Chief Executive Officer, AXA Mansard Insurance Plc said: “This transaction marks a new step in AXA´s broader strategy to focus on and grow our Life, Property & Casualty (P&C) and Health businesses across all its geographies. The AXA Group sees great potential in the Nigerian insurance market and believes AXA Mansard is ideally placed to capture these opportunities, thanks to its market leadership positions in Health Insurance, Property & Casualty and Life Insurance. We plan to capitalize on our successes to further build our capabilities and continue to deliver the best offers & services to our customers”.

Commenting on the transaction, Dapo Akisanya, CEO of AXA Mansard Pensions Limited said, “We are confident about Verod’s strong commitment to providing the Company with the requisite support to actualize our promise to our clients and stakeholders. As a West African investor with deep local knowledge and presence, we look forward to harnessing Verod’s unique, and world-class, attributes towards setting new standards in the industry.

Verod has the capacity, expertise, and network, to support the business to continue to expand and to provide innovative solutions for the benefit of our current and future clients

We strongly believe that this is the ideal time to enter the market and that AXA Mansard Pensions provides an excellent beachhead from which to establish a consolidated position and gain market share,” said Eric Idiahi, Partner at Verod.

“The National Pension Commission continues to demonstrate a strong commitment to raising standards within the industry and driving pension penetration rates in the short to medium term. We believe that sustaining AXA Mansard Pension’s industry-leading investment returns, excellent customer service, as well as, expanding distribution network and product offerings will facilitate the capture of the considerable growth potential within the Nigerian pensions industry, particularly following the opening of the transfer window.

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending